Leveraging Call Centers to Offer Patient Financing Options

As patients increasingly assume greater financial responsibility for the services they receive, hospitals face growing challenges in collecting payments—especially considering the new medical debt rule that bans any amount of medical debt on credit reports. Hospitals must rethink patient collection strategies with a focus on financing solutions that fit into each patient’s unique budget.

Patient financing for healthcare: How call centers can help
When providers partner with patient financing companies, they accomplish three important goals:

1. Deliver a positive patient experience with easy, flexible financing
2. Reduce patient cost concerns
3. Support business goals, including faster cashflow and reduced accounts receivable

The good news? Patient call centers are uniquely positioned to help patients navigate financing options. A reimagined patient call center plays a critical role in patient financing for healthcare because call center agents can:

• Discuss cost-effective financing options that provide peace of mind
• Empathize with patients about the high cost of medical care
• Explain medical costs in a transparent way
• Listen to and validate concerns and frustrations
• Suggest additional patient financing companies to consider

Patient financing companies: What call center agents need to know
Hospitals must educate call center agents on available financing options and how they work so those agents can, in turn, educate patients and answer any questions they have. When it comes to patient financing for healthcare, call center agents should be able to articulate the following information to patients:

1. Any patient financing companies which the hospital partners:  CareCredit is a common one, but there may be other third-party, non-affiliated patient financing companies that patients could consider as well, including Prosper, PatientFi, Lending Club, Curae, and many others. These companies generally make a profit through deferred interest charges, merchant fees, and high interest rates.

2. Why patient financing for healthcare is necessary. Financing programs help patients access the care they need, when they need it, by providing manageable financial support. Patient financing companies are designed to solve the pain points of rising healthcare costs and the increased patient financial responsibility.

3. What patients can expect.  After completing an easy application, patients usually receive an instant credit decision and flexible payment options. Note that some patient financing companies may offer financing to a broad range of credit profiles or only those with high credit scores. During the application process, patients should understand the total cost of financing, including the full amount they’ll repay plus any interest rates, fees, and hidden costs. They should also understand whether there is a hard credit check that could impact their credit score temporarily, and they should be aware of any 0% interest promotional period patient financing companies offer.

Leveraging the patient call center most effectively 
Following are several key strategies that can help hospitals leverage call center agents to engage with patient financing companies:

• Develop patient financing scripts. Train call center agents to proactively inform patients about financing programs during appointment scheduling or billing inquiries. Arm agents with clear and consistent information on terms, interest rates, and repayment expectations of any patient financing companies with which the hospital partners as well as additional well-vetted third-party patient financing companies that may be able to provide financial assistance.

• Give call center agents role-based access to billing and revenue cycle management systems. Empower agents to provide personalized financial assistance, including helping patients determine what monthly payment they may be able to afford and recommending certain financing options based on patient eligibility.

• Enable agents to guide patients through financial applications over the phone.

• Track call center metrics related to patient financing for healthcare inquiries, enrollments, and patient satisfaction.

Fostering a patient-friendly billing experience
Leveraging the call center to help patients navigate financing options can greatly improve patient collections, patient access to care, and patient engagement, all of which benefit hospitals in numerous ways. Learn how Global Healthcare Resource can help.